Coal Miner Ramaco Preparing to File for an IPO

By Timothy Puko

An Appalachian coal mining company that has yet to produce any coal is preparing the industry’s first initial public offering in more than a year, coming at a time when coal prices have been rebounding sharply.

Ramaco LLC, based in Lexington, Ky., is looking to list shares early next year, according to people familiar with the matter. It is actively working with bankers and lawyers on a confidential IPO filing, these people said.

It isn’t clear how the IPO would value the company, or even if the entire company would be part of the IPO. Companies can file confidentially for IPOs on U.S. exchanges if they generate less than $1 billion in annual revenue.

A Ramaco executive told S&P Global Platts in April that the company was delaying plans to start producing this year unless there was a market recovery. The company’s mines show no history of producing under Ramaco ownership, according to S&P Global Platts and Wood Mackenzie.

Write to Timothy Puko at tim.puko@wsj.com

Breaking the story

Timothy Puko was first to report that coal miner Ramaco is working with bankers and lawyers in preparation for an initial public offering, according to sources. The mining company has yet to produce any coal and the industry has not seen an IPO in more than a year.

Timeline

October 28, 2016, 11:02

Coal Miner Ramaco Preparing to File for an IPO – Sources

October 28, 2016, 11:02

Miner Expected to File Confidentially, Go Public in Early 2017 –Sources

October 28, 2016, 11:02

IPO Would Be First for Coal Industry in Over a Year as Coal Prices Rebound

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